David Burt, the Premier of Bermuda, announced at a joint press conference with Binance, an international cryptocurrency exchange, that the exchange will establish its global compliance center in the island territory with $10 million to be invested for supporting educational programs associated with the technology and $5 million funneled into blockchain startups.

Binance will be closely working with the governmental agencies in Bermuda over developing a regulatory framework for the cryptocurrency and blockchain industry and incorporate a new office in the country.

During the joint call Burt noted that within the framework of this partnership Binance will be developing its global compliance hub in Bermuda, providing job opportunities for 40 positions, 30 of which will be occupied by Bermudians. Binance will also create a digital asset exchange in the country pursuant to all applicable legal and regulatory procedures, while cooperating with the island’s government and monitoring agencies to develop and improve the legislative base for the industry.

Zhao Changpeng, CEO of Binance, said that the government of Bermuda and regulating authorities are considered as one of the most ‘approachable’ in the world. Binance is currently partnering with local firm over proper foundation for the new office compliant with the current regulatory statutes.